We use cookies to give you the best possible experience on our website. By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.

Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.

I received a 1099-misc from my mortgage company is this due…

Hi I received a 1099-misc from my mortgage company is this due to having the interestsrate lowered but then again this bank is no longer my mortgage bank for more than 2 years.

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Yes my bank was Chase now its Select Portfolio for the past two years

Submitted: 2 years ago.Category: Tax

Show More

Show Less

Ask Your Own Tax Question

Share this conversation

Customer reply replied 2 years ago

I also had a foreclosure in my house and did receive money for doing that through current mortgage company Select Portfolio. So I am confused as why I received it from Chase if they have not been my mortgage lender for the past 2-3 years.

Thank you for your question -- sometimes, banks send 1099's out years after someone has left their bank. If they forgave debt, then this would not be taxable to you because it's from your primary residence (at the time it was forgiven)

If it's the 1099-MISC because of the cash payment, if you can show that you did not receive the funds in the current tax year, then you would not include it on your current return. Keep your records in case they ask you about it,

received a 1099-MISC from Chase mortgage for an amount, 'other income'. I had received no such amount from them. My house was in foreclosure (is now at the moment in suspended foreclosure), so when I … read more

If you are an accountant on Just Answer with the initials S.A., please don't answer. I'm merely writing this post to confirm our discussion. Thank you. Please don't answer this unless you're a U.S. CP… read more

I live in WA state. Mortgage was discharged in Chapter 7 BK in 2011. Prior to BK house had been in foreclosure process. Process stopped when filed. Have not lived in house since May 2010. Thought bank… read more

As a result of the housing debacle, I ultimately sold a house appraised at $2.5 million in 2006 for $800,000 in 2012. I just received from my mortgage holder JPMorganChase, aForm 1099-C Cancellation o… read more

Hoe long in the state of New jersey typically does it take for someone who does not pay their Mortgage payment to be forcibly forced from their home due to a foreclosure. I know of an elderly person w… read more

I am in AZ and went through a foreclosure in June 2010. Per my lawyer, AZ state law protects from any further recourse. I never received a 1099-A or 1099-C from my lender. I have tried in vain to get … read more

Hi Robyn, I purchased my primary residence for $377.5K and refinanced it later for an interest only loan of $414K. The bank foreclosed it in Sep, 2010. My 2010 end of year loan statement showed a prin… read more

we are selling our principal residence as a short sale. our mortgage company is telling us that they will issue a 1099, does this mean that they are not going to or are not able to come after us finan… read more

I received a form 1099-C "cancellation of debt" We purchased a house in AZ 8 years ago an refinanced it 2 years ago. We originally purchased the house for $204,000 and refinanced it for $360,000. (We … read more

Our former mortgage company sent us a 1099 for the balance of a loan. That house was foreclosed on and we lost the house, unable to sell it. We had taken the loan out on that house to buy another hous… read more

I recently received a 1099-A form for Tax Year 2009. This form is from Chase Bank who was the lender on a house that I used to own and recently foreclosed on. The foreclosure sale date of this home wa… read more

An expensive divorce in 2007 and a 15% salary cut in 2008 prevented me from keeping up with the mortgage payments on my house. There was a $247,000 first mortgage and a $75,000 second on the house. I … read more

Hi, I am upside down on my home. The current value of loan is $230K whereas the property is now worth $135K. I am trying to enroll in a program where my current home mortage will be purchased from my … read more

Real Estate and Tax question regarding debt foregiveness (USA): What are the tax implications for DIL (deed in lieu of foreclosure), short sale or foreclosure, when the debt is forgiven by my lender (… read more

I had a foreclosure in Jan 08. I had a 1st & 2nd mtg with the same lender on the home. I received one 1099a for the 1st mtg only. I have contacted the mtg co 3x as to why I have not received a 1099a o… read more

I abandoned Stockton house in January 2008. The mortgage company sent me financial information Pkgs to complete and i sent it back. This happened 3 times. But no response to my deed in lieu of foreclo… read more

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.

JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.